Prologis

-13.99%

Live  

and its history
Prologis is a global industrial real estate company that specializes in owning, operating, and developing logistics facilities. The company was founded in 1983 in Denver, Colorado, by Hamid Moghadam and William E. Sanders. Originally named AMB Property Corporation, the company changed its name to Prologis in 2011 after acquiring its largest competitor, ProLogis.
Since its founding, Prologis has grown to become one of the largest owners and operators of industrial real estate in the world. The company has a presence in over 19 countries and owns and manages over 963 million square feet of logistics space. Prologis' customer base includes a wide range of industries such as retail, automotive, consumer goods, and e-commerce.
In addition to its core business of logistics facilities, Prologis also focuses on sustainability and has implemented various environmental initiatives in its properties. The company's operations and developments adhere to green building standards and it has received multiple awards for its sustainable practices.
Prologis has a long history of innovation in the industrial real estate industry. In 2006, the company formed a partnership with Nippon Prologis REIT, Inc., becoming the first non-Japanese listed company to sponsor a Japanese REIT. In 2011, the company launched Prologis Ventures, a venture fund focused on investing in technology startups that align with the company's business goals.
In 2018, Prologis merged with DCT Industrial Trust, expanding its portfolio by 71 million square feet and solidifying its position as the largest industrial real estate company in the world. Today, Prologis continues to focus on growing its global footprint and providing innovative solutions to its customers.

UHJvbG9naX MgaXMgYSBj b21wYW55IH RoYXQgYnVp bGRzIGFuZC BtYW5hZ2Vz IGJpZyB3YX JlaG91c2Vz IGFuZCBkaX N0cmlidXRp b24gY2VudG Vycy4gVGhl c2UgYnVpbG RpbmdzIGFy ZSBsaWtlIG h1Z2Ugc3Rv cmFnZSBzcG FjZXMgd2hl cmUgY29tcG FuaWVzIGtl ZXAgdGhlaX IgcHJvZHVj dHMgYmVmb3 JlIHRoZXkg c2VuZCB0aG VtIG91dCB0 byBzdG9yZX Mgb3IgZGly ZWN0bHkgdG 8gY3VzdG9t ZXJzLiBUaG luayBvZiBp dCBhcyBhIG dpYW50IGNs b3NldCBmaW xsZWQgd2l0 aCBib3hlcy B0aGF0IHN0 b3JlcyBldm VyeXRoaW5n IGZyb20gdG 95cyB0byBm b29kIHRvIG VsZWN0cm9u aWNzLjxicj 5Qcm9sb2dp cyBtYWtlcy Btb25leSBi eSByZW50aW 5nIG91dCB0 aGVzZSB3YX JlaG91c2Vz IHRvIG90aG VyIGNvbXBh bmllcy4gV2 hlbiBhIGJ1 c2luZXNzIG 5lZWRzIGEg cGxhY2UgdG 8gc3RvcmUg dGhlaXIgcH JvZHVjdHMg b3Igc2hpcC B0aGVtIG91 dCBmcm9tLC B0aGV5IGNh biByZW50IH NwYWNlIGlu IGEgUHJvbG 9naXMgd2Fy ZWhvdXNlLi BQcm9sb2dp cyBjaGFyZ2 VzIHRoZW0g YSBmZWUgZX ZlcnkgbW9u dGggZm9yIH RoYXQgc3Bh Y2UuIFRoZX kgY2FuIGFs c28gbWFrZS Btb25leSBm cm9tIHNlbG xpbmcgb3Ig bGVhc2luZy BwYXJ0cyBv ZiBsYW5kIH RoZXkgb3du Ljxicj5UaG UgcmVhc29u IFByb2xvZ2 lzIGlzIHN1 Y2Nlc3NmdW wgaXMgdGhh dCBvbmxpbm Ugc2hvcHBp bmcgaGFzIG JlY29tZSBy ZWFsbHkgcG 9wdWxhci4g TW9yZSBwZW 9wbGUgYXJl IGJ1eWluZy B0aGluZ3Mg b25saW5lLC B3aGljaCBt ZWFucyBzdG 9yZXMgbmVl ZCBtb3JlIH BsYWNlcyB0 byBzdG9yZS BhbGwgdGhl c2UgcHJvZH VjdHMgYmVm b3JlIHRoZX kgZ2V0IGRl bGl2ZXJlZC 4gUHJvbG9n aXMgaGFzIH RvbnMgb2Yg d2FyZWhvdX NlcyBpbiBn cmVhdCBsb2 NhdGlvbnMs IG1ha2luZy BpdCBlYXNp ZXIgZm9yIG J1c2luZXNz ZXMgdG8gZ2 V0IHRoZWly IGl0ZW1zIH RvIGN1c3Rv bWVycyBxdW lja2x5Ljxi cj5Mb29raW 5nIGludG8g dGhlIGZ1dH VyZSwgUHJv bG9naXMgd2 lsbCBsaWtl bHkga2VlcC BiZWluZyBz dWNjZXNzZn VsIGJlY2F1 c2Ugb25saW 5lIHNob3Bw aW5nIGlzIG 5vdCBnb2lu ZyBhd2F5Li BBcyBtb3Jl IHBlb3BsZS Bjb250aW51 ZSB0byBzaG 9wIG9ubGlu ZSwgdGhlIG 5lZWQgZm9y IHdhcmVob3 VzZXMgd2ls bCBrZWVwIG dyb3dpbmcu IFBsdXMsIF Byb2xvZ2lz IGlzIHNtYX J0IGFib3V0 IGZpbmRpbm cgZ29vZCBz cG90cyB0by BidWlsZCB0 aGVpciB3YX JlaG91c2Vz IGFuZCBtYW tpbmcgc3Vy ZSB0aGV5IG hhdmUgdGhl IGJlc3QgZm FjaWxpdGll cyB0byBhdH RyYWN0IG1v cmUgYnVzaW 5lc3Nlcy4g U28sIHRoZX kgYXJlIGlu IGEgZ3JlYX QgcG9zaXRp b24gdG8ga2 VlcCBtYWtp bmcgbW9uZX khPGJyPg==

VGhlcmUgYX JlIHNldmVy YWwgdGhpbm dzIHRoYXQg bWFrZSB0aG UgUHJvbG9n aXMgY29tcG FueSBzcGVj aWFsOjxicj 4xLiBMYXJn ZXN0IFJlYW wgRXN0YXRl IEludmVzdG 1lbnQgVHJ1 c3QgKFJFSV QpIGluIHRo ZSB3b3JsZD ogUHJvbG9n aXMgaXMgdG hlIHdvcmxk J3MgbGFyZ2 VzdCBvd25l ciwgb3Blcm F0b3IsIGFu ZCBkZXZlbG 9wZXIgb2Yg aW5kdXN0cm lhbCByZWFs IGVzdGF0ZS wgd2l0aCBv dmVyIDk5MC BtaWxsaW9u IHNxdWFyZS BmZWV0IG9m IHByb3Blcn RpZXMgaW4g MTkgY291bn RyaWVzLjxi cj4yLiBGb2 N1cyBvbiBz dXN0YWluYW JsZSBkZXZl bG9wbWVudD ogUHJvbG9n aXMgaXMgY2 9tbWl0dGVk IHRvIHN1c3 RhaW5hYmxl IGRldmVsb3 BtZW50IGFu ZCBoYXMgYS Bnb2FsIHRv IGFjaGlldm UgbmV0LXpl cm8gY2FyYm 9uIGVtaXNz aW9ucyBieS AyMDUwLiBU aGUgY29tcG FueSBoYXMg aW1wbGVtZW 50ZWQgdmFy aW91cyBpbm l0aWF0aXZl cyB0byByZW R1Y2UgaXRz IGVudmlyb2 5tZW50YWwg aW1wYWN0LC BzdWNoIGFz IGRldmVsb3 BpbmcgZW5l cmd5LWVmZm ljaWVudCBi dWlsZGluZ3 MgYW5kIHVz aW5nIHJlbm V3YWJsZSBl bmVyZ3kgc2 91cmNlcy48 YnI+My4gR2 xvYmFsIHBy ZXNlbmNlOi BQcm9sb2dp cyBoYXMgYS BzdHJvbmcg aW50ZXJuYX Rpb25hbCBw cmVzZW5jZS wgd2l0aCBw cm9wZXJ0aW VzIGxvY2F0 ZWQgaW4gbW Fqb3IgbG9n aXN0aWNzIG h1YnMgYXJv dW5kIHRoZS B3b3JsZC4g VGhpcyBnbG 9iYWwgcmVh Y2ggZW5hYm xlcyB0aGUg Y29tcGFueS B0byBwcm92 aWRlIGl0cy BjdXN0b21l cnMgd2l0aC BhY2Nlc3Mg dG8gZGl2ZX JzZSBhbmQg c3RyYXRlZ2 ljIG1hcmtl dHMuPGJyPj QuIFRlY2hu b2xvZ2ljYW wgaW5ub3Zh dGlvbjogUH JvbG9naXMg aXMgYXQgdG hlIGZvcmVm cm9udCBvZi BpbnRlZ3Jh dGluZyB0ZW Nobm9sb2d5 IGludG8gaX RzIG9wZXJh dGlvbnMuIF RoaXMgaW5j bHVkZXMgdX NpbmcgZGF0 YSBhbmQgYW 5hbHl0aWNz IHRvIG9wdG ltaXplIGJ1 aWxkaW5nIG Rlc2lnbiBh bmQgaW1wcm 92ZSBzdXBw bHkgY2hhaW 4gZWZmaWNp ZW5jeSwgYX Mgd2VsbCBh cyBpbXBsZW 1lbnRpbmcg c21hcnQgYn VpbGRpbmcg dGVjaG5vbG 9naWVzIHRv IGVuaGFuY2 UgdGhlIGN1 c3RvbWVyIG V4cGVyaWVu Y2UuPGJyPj UuIExvbmct dGVybSBwYX J0bmVyc2hp cHM6IFByb2 xvZ2lzIGhh cyBhIHRyYW NrIHJlY29y ZCBvZiBidW lsZGluZyBs b25nLXRlcm 0gcGFydG5l cnNoaXBzIH dpdGggaXRz IGN1c3RvbW Vycywgc29t ZSBvZiB3aG ljaCBoYXZl IGxhc3RlZC Bmb3IgZGVj YWRlcy4gVG hlIGNvbXBh bnkncyBmb2 N1cyBvbiBj dXN0b21lci BzYXRpc2Zh Y3Rpb24gaG FzIGhlbHBl ZCBpdCBtYW ludGFpbiBh IGhpZ2ggb2 NjdXBhbmN5 IHJhdGUgYW 5kIGEgbG95 YWwgY3VzdG 9tZXIgYmFz ZS48YnI+Ni 4gU3Ryb25n IGZpbmFuY2 lhbCBwZXJm b3JtYW5jZT ogV2l0aCBh IGNvbnNpc3 RlbnQgdHJh Y2sgcmVjb3 JkIG9mIHBy b2ZpdGFiaW xpdHkgYW5k IHN0ZWFkeS Bncm93dGgs IFByb2xvZ2 lzIGlzIHJl Y29nbml6ZW QgYXMgYSBs ZWFkZXIgaW 4gdGhlIFJF SVQgaW5kdX N0cnkuIFRo ZSBjb21wYW 55J3Mgc3Ry b25nIGZpbm FuY2lhbCBw ZXJmb3JtYW 5jZSBoYXMg aGVscGVkIG l0IGF0dHJh Y3QgaW52ZX N0b3JzIGFu ZCBzZWN1cm UgY2FwaXRh bCB0byBmdW 5kIGl0cyBl eHBhbnNpb2 4gYW5kIGRl dmVsb3BtZW 50IHByb2pl Y3RzLg==

UHJvbG9naX MgaXMgYSBy ZWFsIGVzdG F0ZSBpbnZl c3RtZW50IH RydXN0IChS RUlUKSB0aG F0IHNwZWNp YWxpemVzIG luIGxvZ2lz dGljcyBhbm QgZGlzdHJp YnV0aW9uIG ZhY2lsaXRp ZXMuIEl0cy Bjb3JlIGJ1 c2luZXNzIG 1vZGVsIGlu dm9sdmVzIG FjcXVpcmlu ZywgZGV2ZW xvcGluZywg YW5kIG1hbm FnaW5nIGlu ZHVzdHJpYW wgcHJvcGVy dGllcywgc3 VjaCBhcyB3 YXJlaG91c2 VzLCBkaXN0 cmlidXRpb2 4gY2VudGVy cywgYW5kIG luZHVzdHJp YWwgcGFya3 MuPGJyPlBy b2xvZ2lzIG xlYXNlcyB0 aGVzZSBwcm 9wZXJ0aWVz IHRvIGEgZG l2ZXJzZSBy YW5nZSBvZi BjdXN0b21l cnMsIGluY2 x1ZGluZyBl LWNvbW1lcm NlIGFuZCBy ZXRhaWwgY2 9tcGFuaWVz LCBtYW51Zm FjdHVyZXJz LCBhbmQgdG hpcmQtcGFy dHkgbG9naX N0aWNzIHBy b3ZpZGVycy 4gSXRzIHBy b3BlcnRpZX MgYXJlIHN0 cmF0ZWdpY2 FsbHkgbG9j YXRlZCBpbi BtYWpvciBs b2dpc3RpY3 MgaHVicyBh cm91bmQgdG hlIHdvcmxk LCBhbGxvd2 luZyBpdCB0 byBoZWxwIG l0cyBjdXN0 b21lcnMgb3 B0aW1pemUg dGhlaXIgc3 VwcGx5IGNo YWluIG9wZX JhdGlvbnMu PGJyPlRoZS Bjb21wYW55 IGFsc28gb2 ZmZXJzIGEg dmFyaWV0eS BvZiBzZXJ2 aWNlcyB0by BpdHMgY3Vz dG9tZXJzLC BpbmNsdWRp bmcgcHJvcG VydHkgbWFu YWdlbWVudC wgY29uc3Ry dWN0aW9uIG 1hbmFnZW1l bnQsIGFuZC BzdXN0YWlu YWJpbGl0eS Bwcm9ncmFt cy4gUHJvbG 9naXMgbGV2 ZXJhZ2VzIG l0cyBnbG9i YWwgc2NhbG UgYW5kIGlu ZHVzdHJ5IG V4cGVydGlz ZSB0byBwcm 92aWRlIGN1 c3RvbWl6ZW QgcmVhbCBl c3RhdGUgc2 9sdXRpb25z IHRvIG1lZX QgaXRzIGN1 c3RvbWVycy cgc3BlY2lm aWMgbmVlZH MuPGJyPklu IGFkZGl0aW 9uIHRvIGl0 cyB0cmFkaX Rpb25hbCBs ZWFzaW5nIG J1c2luZXNz LCBQcm9sb2 dpcyBhbHNv IG9mZmVycy BidWlsZC10 by1zdWl0IG FuZCBkZXZl bG9wbWVudC BzZXJ2aWNl cyBmb3IgY3 VzdG9tZXJz IHdobyByZX F1aXJlIHNw ZWNpYWxpem VkIHByb3Bl cnRpZXMuIF RoZSBjb21w YW55IGFsc2 8gaGFzIGEg c2VwYXJhdG UgYnVzaW5l c3MgdW5pdC B0aGF0IGlu dmVzdHMgaW 4gYW5kIG1h bmFnZXMgcH JvcGVydGll cyB3aXRoIH JlbmV3YWJs ZSBlbmVyZ3 kgZ2VuZXJh dGlvbiBjYX BhYmlsaXRp ZXMuPGJyPk 92ZXJhbGws IFByb2xvZ2 lzJyBidXNp bmVzcyBtb2 RlbCBpcyBm b2N1c2VkIG 9uIG93bmlu ZyBhbmQgb3 BlcmF0aW5n IGhpZ2gtcX VhbGl0eSBp bmR1c3RyaW FsIHByb3Bl cnRpZXMgaW 4gc3RyYXRl Z2ljIGxvY2 F0aW9ucyB0 byBzdXBwb3 J0IHRoZSBn bG9iYWwgc3 VwcGx5IGNo YWluIG5ldH dvcmsgYW5k IG1lZXQgdG hlIGV2b2x2 aW5nIG5lZW RzIG9mIGl0 cyBjdXN0b2 1lcnMu

AI can potentially influence Prologis, a leading logistics real estate company, in several ways, but whether it poses a material threat to its products, services, or competitive positioning depends on various factors.
1. Substitution: The primary products and services offered by Prologis—logistics facilities and warehouses—are not readily substitutable by AI technology. However, AI could enhance operations within these facilities, such as optimizing warehouse management, automating inventory tracking, and improving supply chain efficiency. While AI could augment services, it doesn’t directly substitute the need for physical logistics infrastructure.
2. Disintermediation: AI might enable companies to streamline their supply chains or manage logistics more efficiently, potentially reducing the need for extensive warehousing. For instance, advanced algorithms could allow companies to utilize smaller, more decentralized fulfillment centers, which might decrease demand for large logistics spaces. However, the growth of e-commerce and the increasing need for rapid delivery could counteract this effect, as businesses may still require significant warehouse space.
3. Margin Pressure: The introduction of AI in logistics can lead to reduced operational costs and increased efficiency. Companies that effectively implement AI may gain competitive advantages, potentially putting pressure on Prologis and its margins. This could occur if competitors use AI to lower their rental costs or enhance their logistics capabilities without significantly increasing their expenses. Additionally, if tenants use AI to optimize their logistics operations, it could lead to lower demand for larger spaces or more specialized facilities.
Overall, while AI introduces both challenges and opportunities for firms like Prologis, its impact will largely depend on how effectively the company adapts to technological advancements and the evolving needs of its clients. Prologis may also leverage AI to enhance its offerings and improve operational efficiencies, thus mitigating potential threats.

Prologis, as a leading global provider of logistics real estate, is significantly affected by changes in interest rates due to several factors:
1. Earnings Sensitivity: Prologis typically operates with a portfolio of long-term leases. When interest rates rise, the cost of borrowing for both the company and its customers may increase. Higher interest rates can lead to reduced profitability if tenants face higher financing costs for operations and expansions, potentially impacting their ability to pay rent or prompting them to seek cheaper alternatives.
2. Cash Flow Impact: Cash flow from operations can be impacted by rising interest rates as the cost of debt increases for Prologis itself if they have variable-rate debt. Increased interest expenses can reduce available cash flow for distribution to shareholders. Conversely, if Prologis has a significant amount of fixed-rate debt, short-term impacts may be minimized, but long-term refinancing at higher rates could still present challenges.
3. Valuation Sensitivity: The valuation of Prologis can also be sensitive to interest rates. Higher interest rates generally lead to higher discount rates used in the discounted cash flow (DCF) valuation models, which can lower the present value of future cash flows. This could negatively impact the stock price and market perception of the company’s growth prospects. Additionally, the real estate sector often competes with fixed-income investments; as bond yields rise, investors may demand higher returns from real estate investments, impacting Prologis’s ability to achieve favorable valuations.
In summary, Prologis’s earnings, cash flow, and valuation are all interconnected and can be considerably influenced by fluctuations in interest rates, with potential for both short-term and long-term effects on financial performance and market perception.

QSByZWFsaX N0aWMgc2Nl bmFyaW8gdG hhdCBjb3Vs ZCBwZXJtYW 5lbnRseSBp bXBhaXIgUH JvbG9naXPi gJkgZWNvbm 9taWNzIG92 ZXIgdGhlIG 5leHQgM+KA kzUgeWVhcn Mgd291bGQg YmUgYSBzaW duaWZpY2Fu dCwgc3VzdG FpbmVkIGRl Y2xpbmUgaW 4gZGVtYW5k IGZvciBpbm R1c3RyaWFs IHJlYWwgZX N0YXRlLCBw YXJ0aWN1bG FybHkgaW4g bG9naXN0aW NzIGFuZCBl LWNvbW1lcm NlIHNlY3Rv cnMuIFRoaX MgZGVjbGlu ZSBjb3VsZC BiZSBkcml2 ZW4gYnkgc2 V2ZXJhbCBm YWN0b3JzLC BpbmNsdWRp bmc6PGJyPj EuIE92ZXJj YXBhY2l0eS BpbiB0aGUg bG9naXN0aW NzIHNlY3Rv cjogSWYgdG hlcmUgaXMg YSBzaWduaW ZpY2FudCBv dmVyYnVpbG Rpbmcgb2Yg bG9naXN0aW NzIGZhY2ls aXRpZXMgZH VlIHRvIGlu Y3JlYXNlZC BpbnZlc3Rt ZW50IGR1cm luZyB0aGUg cGFuZGVtaW MsIGxlYWRp bmcgdG8gZX hjZXNzIHN1 cHBseSBhbm QgbG93ZXIg cmVudGFsIH JhdGVzLjxi cj4yLiBFY2 9ub21pYyBy ZWNlc3Npb2 46IEEgcHJv bG9uZ2VkIG Vjb25vbWlj IGRvd250dX JuIGNvdWxk IHJlZHVjZS Bjb25zdW1l ciBzcGVuZG luZywgbGVh ZGluZyB0by BkZWNyZWFz ZWQgZGVtYW 5kIGZvciB3 YXJlaG91c2 Ugc3BhY2Ug YXMgcmV0YW lsZXJzIGFu ZCBlLWNvbW 1lcmNlIGNv bXBhbmllcy BzY2FsZSBi YWNrIG9wZX JhdGlvbnMu PGJyPjMuIF NoaWZ0cyBp biBzdXBwbH kgY2hhaW4g c3RyYXRlZ2 llczogQ29t cGFuaWVzIG 1pZ2h0IHNo aWZ0IHRvd2 FyZHMgY29z dC1jdXR0aW 5nIG1lYXN1 cmVzLCBpbm NsdWRpbmcg ZG93bnNpem luZyBpbnZl bnRvcmllcy wgbmVhcnNo b3JpbmcsIG 9yIGFkb3B0 aW5nIGp1c3 QtaXRpbWUg aW52ZW50b3 J5IHByYWN0 aWNlcyB0aG F0IHJlcXVp cmUgbGVzcy B3YXJlaG91 c2Ugc3BhY2 UuPGJyPjQu IFRlY2hub2 xvZ2ljYWwg YWR2YW5jZW 1lbnRzOiBU aGUgcmlzZS BvZiBhdXRv bWF0aW9uIG FuZCBhbHRl cm5hdGl2ZS BkaXN0cmli dXRpb24gbW 9kZWxzIG1p Z2h0IHJlZH VjZSB0aGUg bmVlZCBmb3 IgbGFyZ2Ug d2FyZWhvdX Npbmcgc3Bh Y2VzLCBuZW dhdGl2ZWx5 IGFmZmVjdG luZyBkZW1h bmQgZm9yIF Byb2xvZ2lz 4oCZIHByb3 BlcnRpZXMu PGJyPklmIH N1Y2ggYSBz Y2VuYXJpby B3ZXJlIHRv IHBsYXkgb3 V0LCBQcm9s b2dpc+KAmS BtYXJnaW5z IHdvdWxkIG xpa2VseSB0 aWdodGVuIG R1ZSB0byBk ZWNyZWFzaW 5nIHJlbnRh bCByYXRlcy BhcyBkZW1h bmQgd2FuZX MuIFRoZSBj b21wYW55IG NvdWxkIGV4 cGVyaWVuY2 UgbG9uZ2Vy IHZhY2FuY3 kgcGVyaW9k cyBhcyB0aG Ugc3VwcGx5 IG9mIGF2YW lsYWJsZSB3 YXJlaG91c2 Ugc3BhY2Ug b3V0c3RyaX BzIGRlbWFu ZCwgZnVydG hlciBkZXBy ZXNzaW5nIH JlbnRhbCBp bmNvbWUuID xicj5DYXNo IGZsb3cgd2 91bGQgYmUg aW1wYWlyZW QgYXMgcmV2 ZW51ZSBkZW NsaW5lcyBh bmQgb3Blcm F0aW9uYWwg Y29zdHMgcm VtYWluIHJl bGF0aXZlbH kgZml4ZWQu IFRoZSBpbm FiaWxpdHkg dG8gZWZmZW N0aXZlbHkg bGVhc2UgcH JvcGVydGll cyBjb3VsZC BsZWFkIHRv IGluY3JlYX NlZCBvcGVy YXRpb25hbC BleHBlbmRp dHVyZXMgYX MgdGhlIGNv bXBhbnkgaW 52ZXN0cyBt b3JlIGludG 8gcHJvcGVy dHkgbWFpbn RlbmFuY2Ug YW5kIG1hcm tldGluZyB0 byBhdHRyYW N0IHRlbmFu dHMsIGZ1cn RoZXIgcmVk dWNpbmcgY2 FzaCBmbG93 IGZyb20gb3 BlcmF0aW9u cy48YnI+VG hlIGJhbGFu Y2Ugc2hlZX Qgd291bGQg c2hvdyBpbm NyZWFzZWQg bGV2ZXJhZ2 UgaWYgUHJv bG9naXMgd2 VyZSB0byB0 YWtlIG9uIG 1vcmUgZGVi dCB0byBtYW ludGFpbiBv cGVyYXRpb2 5zIGFtaWQg ZGVjbGluaW 5nIHJldmVu dWVzLiBUaG UgY29tcGFu eSBtaWdodC BhbHNvIGZh Y2UgY2hhbG xlbmdlcyBp biByZWZpbm FuY2luZyBl eGlzdGluZy BkZWJ0IGlm IGxlbmRlcn MgcGVyY2Vp dmUgYSBoaW doZXIgcmlz ayBpbiBpbn Zlc3Rpbmcg aW4gaW5kdX N0cmlhbCBy ZWFsIGVzdG F0ZS4gVGhp cyBjb3VsZC BsZWFkIHRv IGEgZGV0ZX Jpb3JhdGlv biBvZiBrZX kgZmluYW5j aWFsIHJhdG lvcywgc3Vj aCBhcyB0aG UgZGVidC10 by1lcXVpdH kgcmF0aW8s IGFzIGVxdW l0eSB2YWx1 ZSBkZWNyZW FzZXMgd2l0 aCBkZWNsaW 5pbmcgYXNz ZXQgdmFsdW VzLjxicj5J biBzdW1tYX J5LCBhIHN1 c3RhaW5lZC BkZWNsaW5l IGluIGRlbW FuZCBmb3Ig aW5kdXN0cm lhbCByZWFs IGVzdGF0ZS Bjb3VsZCBz ZXZlcmVseS BpbXBhY3Qg UHJvbG9naX PigJkgcHJv Zml0YWJpbG l0eSwgY2Fz aCBmbG93LC BhbmQgYmFs YW5jZSBzaG VldCBzdGFi aWxpdHksIG 1ha2luZyBp dCBjaGFsbG VuZ2luZyBm b3IgdGhlIG NvbXBhbnkg dG8gbWFpbn RhaW4gaXRz IHByZXZpb3 VzIGdyb3d0 aCB0cmFqZW N0b3J5Ljxi cj4=

CiAgICAgIC AgICAgIDxk aXYgc3R5bG U9J3dpZHRo OiAxMDAlOy BkaXNwbGF5 OiBmbGV4Oy BqdXN0aWZ5 LWNvbnRlbn Q6IGNlbnRl cjsnPgogIC AgICAgICAg ICAgICAgPG RpdiBzdHls ZT0nCiAgIC AgICAgICAg ICAgICAgIC AgZGlzcGxh eTogZmxleD sKICAgICAg ICAgICAgIC AgICAgICBh bGlnbi1pdG VtczogY2Vu dGVyOwogIC AgICAgICAg ICAgICAgIC AgIGJhY2tn cm91bmQtY2 9sb3I6ICNm MGY0Zjg7Ci AgICAgICAg ICAgICAgIC AgICAgYm9y ZGVyOiAxcH ggc29saWQg I2QxZTNmMD sKICAgICAg ICAgICAgIC AgICAgICBi b3JkZXItcm FkaXVzOiAx MHB4OwogIC AgICAgICAg ICAgICAgIC AgIHBhZGRp bmc6IDEwcH g7CiAgICAg ICAgICAgIC AgICAgICAg bWFyZ2luOi AyMHB4IDA7 CiAgICAgIC AgICAgICAg ICAgICAgZm 9udC1mYW1p bHk6ICJTZW dvZSBVSSIs IFJvYm90by wgc2Fucy1z ZXJpZjsKIC AgICAgICAg ICAgICAgIC AgICBib3gt c2hhZG93Oi AwIDJweCA2 cHggcmdiYS gwLCAwLCAw LCAwLjA1KT sKICAgICAg ICAgICAgIC AgICAgICBt YXgtd2lkdG g6IDkwMHB4 OwogICAgIC AgICAgICAg ICAgICAgIH dpZHRoOiAx MDAlOyc+Cg ogICAgICAg ICAgICAgIC AgICAgIDxp bWcgc3JjPS Jhc3NldHMv bG9nb3MvR2 w4bWRLbkZj STFRQ0ZEbz hTMEIud2Vi cCIgYWx0PS JQcm9sb2dp cyIgdGl0bG U9IlByb2xv Z2lzIiAgY2 xhc3M9Imlt Zy1mbHVpZC IgaGVpZ2h0 PTUwIHdpZH RoPTUwIGxv YWRpbmc9J2 xhenknIHN0 eWxlPSdib3 JkZXItcmFk aXVzOiA2cH g7Jz4KCiAg ICAgICAgIC AgICAgICAg ICAgPGRpdi BzdHlsZT0n ZmxleDogMT sgdGV4dC1h bGlnbjogY2 VudGVyOyBt YXJnaW4tbG VmdDogNXB4 Oyc+CiAgIC AgICAgICAg ICAgICAgIC AgICAgIDxw IHN0eWxlPS dmb250LXNp emU6IDI2cH g7IGNvbG9y OiAjMzMzOy BtYXJnaW4t Ym90dG9tOi AxNXB4Oyc+ CiAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICDw n5OIIFdhbn QgdG8gcmVh ZCBtb3JlIG Fib3V0IFBy b2xvZ2lzPw ogICAgICAg ICAgICAgIC AgICAgICAg ICA8L3A+Cg ogICAgICAg ICAgICAgIC AgICAgICAg ICA8YSBocm VmPSdpbmRl eC5waHA/cG FnZT1zaWdu dXAnIHN0eW xlPScKICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgIGJhY2tn cm91bmQtY2 9sb3I6ICMw MDdCRkY7Ci AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICBjb2 xvcjogI2Zm ZjsKICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IHBhZGRpbm c6IDEwcHgg MjBweDsKIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgIGJvcm Rlci1yYWRp dXM6IDVweD sKICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIH RleHQtZGVj b3JhdGlvbj ogbm9uZTsK ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgIGZv bnQtd2VpZ2 h0OiBib2xk OwogICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg bWFyZ2luLX JpZ2h0OiAx MHB4OwogIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgdHJhbn NpdGlvbjog YmFja2dyb3 VuZC1jb2xv ciAwLjNzIG Vhc2U7Jwog ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgb25t b3VzZW92ZX I9J3RoaXMu c3R5bGUuYm Fja2dyb3Vu ZENvbG9yPS IjMDA1NmIz IicKICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IG9ubW91c2 VvdXQ9J3Ro aXMuc3R5bG UuYmFja2dy b3VuZENvbG 9yPSIjMDA3 QkZGIic+Ci AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICBTaW duIHVwIGZv ciBmcmVlCi AgICAgICAg ICAgICAgIC AgICAgICAg IDwvYT4KCi AgICAgICAg ICAgICAgIC AgICAgICAg IDxzcGFuIH N0eWxlPSdt YXJnaW46ID AgOHB4OyBj b2xvcjogIz U1NTsnPm9y PC9zcGFuPg oKICAgICAg ICAgICAgIC AgICAgICAg ICAgPGEgaH JlZj0naW5k ZXgucGhwP3 BhZ2U9bG9n aW4nIHN0eW xlPScKICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgIGNvbG9y OiAjMDA3Qk ZGOwogICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgdGV4dC1k ZWNvcmF0aW 9uOiB1bmRl cmxpbmU7Ci AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICBmb2 50LXdlaWdo dDogNTAwOy c+CiAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC Bsb2cgaW4K ICAgICAgIC AgICAgICAg ICAgICAgIC AgPC9hPgoK CiAgICAgIC AgICAgICAg ICAgICAgIC AgIDxwIHN0 eWxlPSdtYX JnaW4tdG9w OiAxNXB4Oy Bmb250LXNp emU6IDEzcH g7IGZvbnQt d2VpZ2h0Oi Bib2xkOyBj b2xvcjogI2 QzMmYyZjsn PgogICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg 4pyFIERvd2 5sb2FkIDxp PiJUaGUgQ2 hlY2tsaXN0 IFZhbHVlIE ludmVzdG9y IOKAlCBBIF NtYXJ0ZXIg V2F5IHRvIF BpY2sgU3Rv Y2tzIjwvaT 4g4oCUIHRv dGFsbHkgZn JlZSEKICAg ICAgICAgIC AgICAgICAg ICAgICAgPC 9wPgoKICAg ICAgICAgIC AgICAgICAg ICAgICAgPC EtLQogICAg ICAgICAgIC AgICAgICAg ICAgICA8ZG l2IHN0eWxl PSdtYXJnaW 4tdG9wOiAx MnB4OyBmb2 50LXNpemU6 IDEzcHg7IG NvbG9yOiAj NDQ0Oyc+Ci AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICBTaW duIHVwIG5v dyBhbmQgZ2 V0IG91ciBm cmVlIGVCb2 9rIAogICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgPGI+VGhl IENoZWNrbG lzdCBWYWx1 ZSBJbnZlc3 RvciDigJQg QSBTbWFydG VyIFdheSB0 byBQaWNrIF N0b2Nrczwv Yj4KICAgIC AgICAgICAg ICAgICAgIC AgICAgPC9k aXY+CiAgIC AgICAgICAg ICAgICAgIC AgICAgIC0t PgogICAgIC AgICAgICAg ICAgICAgIC AgICA8IS0t CiAgICAgIC AgICAgICAg ICAgICAgIC AgIDxkaXYg c3R5bGU9J2 1hcmdpbi10 b3A6IDE2cH g7IGZvbnQt c2l6ZTogMT RweDsgY29s b3I6ICM0ND Q7IGZvbnQt ZmFtaWx5Oi AtYXBwbGUt c3lzdGVtLC BCbGlua01h Y1N5c3RlbU ZvbnQsIFNl Z29lIFVJLC BSb2JvdG8s IEhlbHZldG ljYSBOZXVl LCBzYW5zLX NlcmlmOyBs aW5lLWhlaW dodDogMS42 Oyc+CiAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICBIYXZlIH lvdSBoZWFy ZCBhYm91dC BvdXIgc2hv cnQgPHN0cm 9uZyBzdHls ZT0nZm9udC 13ZWlnaHQ6 IDYwMDsnPk RhaWx5IFZp ZGVvIE5ld3 NsZXR0ZXI8 L3N0cm9uZz 4/CiAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC A8YSBocmVm PSdodHRwcz ovL3d3dy5p bnNpZ2h0Zn VsdmFsdWUu Y29tL25ld3 NsZXR0ZXIu cGhwJyB0YX JnZXQ9J19i bGFuaycgc3 R5bGU9J2Nv bG9yOiAjMD A3QkZGOyB0 ZXh0LWRlY2 9yYXRpb246 IG5vbmU7IG ZvbnQtd2Vp Z2h0OiA1MD A7IG1hcmdp bi1sZWZ0Oi A2cHg7Jz4K ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICBGaW5kIG 91dCBtb3Jl CiAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICA8 L2E+CiAgIC AgICAgICAg ICAgICAgIC AgICAgIDwv ZGl2PgogIC AgICAgICAg ICAgICAgIC AgICAgICAt LT4KICAgIC AgICAgICAg ICAgICAgIC A8L2Rpdj4K ICAgICAgIC AgICAgICAg IDwvZGl2Pg ogICAgICAg ICAgICA8L2 Rpdj4KICAg ICAgICAgIC AgCiAgICAg ICAgCiAgIC AgICAgPHNw YW4gY2xhc3 M9J2JsdXJy ZWQtdGV4dC c+CiAgICAg ICAgICAgIF lXNWtJR2ww Y3kgQnpkV0 5qWlhOeiBQ R0p5UGpFdU lGIEJ5YjJ4 dloybHogSU hkaGN5Qm1i MyBWdVpHVm tJR2x1IElE RTVPRE1nWV ggTWdZU0J0 WlhKbiBaWE lnWW1WMGQy IFZsYmlCMG QyOGcgY21W aGJDQmxjMy BSaGRHVWdZ Mjl0IGNHRn VhV1Z6TEMg QlRaV04xY2 1sMCBlU0JE WVhCcGRHIE ZzSUVsdVpI VnogZEhKcF lXd2dWSCBK MWMzUWdZVz VrIElFRk5R aUJRY20gOX daWEowZVNC RCBiM0p3Yj NKaGRHIGx2 Ymk0OFluSS sgTWk0Z1ZH aGxJRyBOdm JYQmhibmtn IGIzSnBaMm x1WVcgeHNl U0JtYjJOMS BjMlZrSUc5 dUlHIGx1Wk hWemRISnAg WVd3Z2NtVm hiQyBCbGMz UmhkR1VnIF lXNWtJSGRo Y20gVm9iM1 Z6WlhNcyBJ R0oxZENCb1 lYIE1nYzJs dVkyVWcgWl hod1lXNWta VyBRZ2FXNT BieUJ2IGRH aGxjaUIwZV ggQmxjeUJ2 WmlCcyBiMm RwYzNScFkz IE1nY21WaG JDQmwgYzNS aGRHVXNJSC BOMVkyZ2dZ WE1nIFpuVn NabWxzYkcg MWxiblFnWT JWdSBkR1Z5 Y3lCaGJtIF FnWkdGMFlT QmogWlc1MF pYSnpMaiB4 aWNqNHpMaU JRIGNtOXNi MmRwY3kgQn BjeUIwYUdV ZyBiR0Z5Wj JWemRDIEJ2 ZDI1bGNpQm ggYm1RZ2Iz QmxjbSBGMG IzSWdiMlln IGJHOW5hWE 4wYVcgTnpJ SEpsWVd3Zy BaWE4wWVhS bElHIGx1SU hSb1pTQjMg YjNKc1pDd2 dkMiBsMGFD QmhJSEJ2IG NuUm1iMnhw YnkgQnpjR0 Z1Ym1sdSBa eUE1TlRrZ2 JXIGxzYkds dmJpQnogY1 hWaGNtVWda bSBWbGRDQn BiaUF4IE9T QmpiM1Z1ZE ggSnBaWE11 UEdKeSBQal F1SUZSb1pT IEJqYjIxd1 lXNTUgSUdo aGN5QmhJRy Bkc2IySmhi Q0JqIGRYTj BiMjFsY2kg QmlZWE5sSU c5bSBJRzF2 Y21VZ2RHIG hoYmlBMUxE QXcgTUNCam IyMXdZVyA1 cFpYTXNJR2 x1IFkyeDFa R2x1WnkgQn RZVzU1SUc5 bSBJSFJvWl NCM2IzIEpz Wk9LQW1YTW cgYkdGeVoy VnpkQyBCeV pYUmhhV3hs IGNuTXNJRz FoYm4gVm1Z V04wZFhKbC Bjbk1zSUdG dVpDIEJzYj JkcGMzUnAg WTNNZ2NISn ZkbSBsa1pY SnpManhpIG NqNDFMaUJR Y20gOXNiMm RwY3lCbyBZ WE1nWVNCem RIIEp2Ym1j Z1ptOWogZF hNZ2IyNGdj MyBWemRHRn BibUZpIGFX eHBkSGtnWV cgNWtJR2ho Y3lCaSBaV1 Z1SUhKbFky IDluYm1sNl pXUWcgWm05 eUlHbDBjeS BCbFptWnZj blJ6IElHbH VJR1Z1ZG0g bHliMjV0Wl c1MCBZV3dn Y21WemNHID l1YzJsaWFX eHAgZEhrdU lFbHVJRCBJ d01qQXNJSF JvIFpTQmpi MjF3WVcgNT VJSGRoY3lC dSBZVzFsWk NCdmJtIFVn YjJZZ2RHaG wgSUZkdmNt eGs0byBDWm N5Qk5iM04w IElFVjBhR2 xqWVcgd2dR Mjl0Y0dGdS BhV1Z6SUdK NUlFIFYwYU dsemNHaGwg Y21VZ1ptOX lJSCBSb1pT QnpaWFpsIG JuUm9JR052 Ym4gTmxZM1 YwYVhabCBJ SGxsWVhJdV BHIEp5UGpZ dUlFbHUgSU RJd01UZ3NJ RiBCeWIyeH ZaMmx6IElH RmpjWFZwY2 0gVmtJRVJE VkNCSiBibV IxYzNSeWFX IEZzSUZSeW RYTjAgSUda dmNpQWtPQy A0MElHSnBi R3hwIGIyNH NJR1oxY24g Um9aWElnYz I5cyBhV1Jw Wm5scGJtIG NnYVhSeklI QnYgYzJsMG FXOXVJRyBG eklIUm9aU0 IwIGIzQWdh VzVrZFggTj BjbWxoYkNC eSBaV0ZzSU dWemRHIEYw WlNCamIyMX cgWVc1NUlH bHVJSCBSb1 pTQjNiM0pz IFpDNDhZbk krTnkgNGdW R2hsSUdOdi BiWEJoYm5u aWdKIGx6SU hOMVkyTmwg YzNNZ1kyRn VJRyBKbElH RjBkSEpwIF luVjBaV1Fn ZEcgOGdhWF J6SUdkcyBi MkpoYkNCeV pXIEZqYUNC aGJtUWcgYz NSeVlYUmxa MiBsaklIQm hjblJ1IFpY SnphR2x3Y3 kgQjNhWFJv SUdsdSBaSF Z6ZEhKNUlH IHhsWVdSbG NuTXMgSUdG eklIZGxiRy B3Z1lYTWdh WFJ6IElHWn ZZM1Z6SUcg OXVJR2x1Ym 05MiBZWFJw YjI0Z1lXID VrSUhSbFky aHUgYjJ4dl oybGpZVyB3 Z1lXUjJZVz VqIFpXMWxi blJ6SUcgbH VJR2wwY3lC dyBjbTl3Wl hKMGFXIFZ6 TGp4aWNqND QgTGlCUWNt OXNiMiBkcG N5Qm9ZWE1n IFlTQnpkSE p2Ym0gY2dk SEpoWTJzZy BjbVZqYjNK a0lHIDltSU dacGJtRnUg WTJsaGJDQn daWCBKbWIz SnRZVzVqIF pTd2dkMmww YUMgQmpiMj V6YVhOMCBa VzUwYkhrZ2 FHIGxuYUNC dlkyTjEgY0 dGdVkza2dj bSBGMFpYTW dZVzVrIElI TjBjbTl1Wn kgQnlaVzUw WVd3ZyBaM0 p2ZDNSb0xp IEJKYmlBeU 1ESXcgTENC MGFHVWdZMi A5dGNHRnVl U0J5IFpYQn ZjblJsWkMg QmhJSFJ2ZE dGcyBJSEps ZG1WdWRXIF VnYjJZZ0pE TXUgTmlCaW FXeHNhVyA5 dUxqeGljaj Q1IExpQlVh R1VnWTIgOX RjR0Z1ZVNC byBZWE1nWV d4emJ5IEJ5 WldObGFYWm wgWkNCdWRX MWxjbSA5MW N5QmhkMkZ5 IFpITWdZVz VrSUggSmxZ MjluYm1sMC BhVzl1Y3lC bWIzIElnYV hSeklIZHYg Y210d2JHRm paUyBCamRX eDBkWEpsIE lHRnVaQ0Js YlggQnNiM2 xsWlNCeiBZ WFJwYzJaaF kzIFJwYjI0 c0lHbHUgWT J4MVpHbHVa eSBCaVpXbH VaeUJ1IFlX MWxaQ0J2Ym 0gVWdiMlln ZEdobCBJRU psYzNRZ1Yy IDl5YTNCc1 lXTmwgY3lC cGJpQjBhRy BVZ1FtRjVJ RUZ5IFpXRW dZbmtnUm0g OXlkSFZ1Wl NCaCBibVFn YjI1bElHID ltSUVGdFpY SnAgWTJIaW dKbHpJRSBK bGMzUWdSVz F3IGJHOTVa WEp6SUcgWn ZjaUJFYVha bCBjbk5wZE hrZ1luIGtn Um05eVltVn ogTGp4aWNq NHhNQyA0Z1 VISnZiRzlu IGFYTWdhWE 1nWTIgOXRi V2wwZEdWay BJSFJ2SUdk cGRtIGx1Wn lCaVlXTnIg SUhSdklIUm 9aUyBCamIy MXRkVzVwIG RHbGxjeUJw YmkgQjNhR2 xqYUNCcCBk Q0J2Y0dWeV lYIFJsY3l3 Z2QybDAgYU NCaElHWnZZ MyBWeklHOX VJR2hsIGJI QnBibWNnZE cgOGdZV3hz WlhacCBZWF JsSUdodmJX IFZzWlhOem JtVnogY3lC aGJtUWdjSC BKdmRtbGth VzVuIElHVm tkV05oZEcg bHZiaUJoYm 1RZyBkMjl5 YTJadmNtIE 5sSUdSbGRt VnMgYjNCdF pXNTBJRyA5 d2NHOXlkSF Z1IGFYUnBa WE11SUYgUm 9aU0JqYjIx dyBZVzU1SU doaGN5IEJr YjI1aGRHVm sgSUc5MlpY SWdKRCBRd0 lHMXBiR3hw IGIyNGdkRz hnWTIgaGhj bWwwWVdKcy BaU0J2Y21k aGJtIGw2WV hScGIyNXog SUhOcGJtTm xJRCBJd01U QXUKICAgIC AgICA8L3Nw YW4+CiAgIC AgICAgCiAg ICAgICAg